Illinois House Bill 139 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 3-0)
Status: Introduced on January 14 2015 - 25% progression, died in committee
Action: 2015-02-02 - Added Chief Co-Sponsor Rep. Thomas Morrison
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the General Assembly Article of the Illinois Pension Code. Requires the General Assembly Retirement System to establish a self-directed retirement plan. Provides that on and after the effective date of the amendatory Act, an active participant's participation in the System shall be limited to participation in the self-directed retirement plan. Provides that an annuitant shall not receive an automatic increase in retirement annuity on or after the effective date of the amendatory Act unless, according to the most recent actuarial valuations, the total assets of the System are equal to or greater than 100% of the total actuarial liabilities of the System. Establishes a schedule for vesting in the self-directed retirement plan. Requires the Public Pension Division of the Department of Insurance to develop a schedule that, subject to certain requirements, increases the retirement age of active participants who are ineligible to retire as of the effective date of the amendatory Act. Provides that the Division's schedule shall also provide for the adjustment of retirement ages using a matrix that (i) takes into account the current statutory retirement age for various classes of persons and service credit accrued by those persons and (ii) proportionally discounts the increase in statutory retirement ages based on proximity to the currently established retirement age. Provides a new funding formula for State contributions, with a 100% funding goal through 2045 (determined using the projected unit credit actuarial cost method) and a 100% funding goal thereafter.

PEN CD-GARS SELF-DIRECTED PLAN

Rep. Ronald Sandack [R]

Rep. John Anthony [R]

Rep. Thomas Morrison [R]

Date	Chamber	Action
2015-02-02	House	Added Chief Co-Sponsor Rep. Thomas Morrison
2015-01-20	House	Added Chief Co-Sponsor Rep. John D. Anthony
2015-01-14	House	Referred to Rules Committee
2015-01-14	House	First Reading
2015-01-14	House	Filed with the Clerk by Rep. Ron Sandack

Chapter	Article	Section	Citation Type	Statute Text
40	5	2-124	Amended Code	Citation Text
40	5	2-167	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=139&GAID=13&DocTypeID=HB&SessionID=88&GA=99
Text	https://www.ilga.gov/legislation/99/HB/09900HB0139.htm